OANDA:EURAUD   Euro / Australian Dollar
argh idea was previously published in private

BREAK AND RETEST
PLAN:
1.WAIT for a 4hr close above resistance zone
2.WAIT for retest back into or close enough to the zone .
3.Wait for some sort of rejection on the 30min or hourly.
4. Wait for price confirmation
5. buy
The trend is your friend, it makes no sense to trade against it. my analysis is done according to momentum.

stops should be adjusted based on how and where the 4hr candle closes. so risk might increase or decrease.
Trade closed manually: walked away with very minor loss as we went into consolidation. will be back tomorrow
Comment: Added to spreadsheet

Comments

My stops were just 13 pips but i
adjusted stops to this red line
below that demand zone
allowing me to avoid being
stopped out as you can see
price spiked down and is
now back in range.

Reply
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